83 FR 35040 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change Relating to Listing and Trading of the Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares and Direxion Daily Bitcoin 2X Bear Shares Under NYSE Arca Rule 8.200-E

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 142 (July 24, 2018)

Page Range		35040-35041
FR Document		2018-15768

Federal Register, Volume 83 Issue 142 (Tuesday, July 24, 2018)

[Federal Register Volume 83, Number 142 (Tuesday, July 24, 2018)]
[Notices]
[Pages 35040-35041]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-15768]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83661; File No. SR-NYSEArca-2018-02]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change 
Relating to Listing and Trading of the Direxion Daily Bitcoin Bear 1X 
Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily 
Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares and 
Direxion Daily Bitcoin 2X Bear Shares Under NYSE Arca Rule 8.200-E

July 18, 2018.
    On January 4, 2018, NYSE Arca, Inc. (``NYSE Arca'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to list and trade 
shares of the following exchange-traded products under NYSE Arca Rule 
8.200-E, Commentary .02: Direxion Daily Bitcoin Bear 1X Shares, 
Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X 
Bull Shares, Direxion Daily Bitcoin 2X Bull Shares, and Direxion Daily 
Bitcoin 2X Bear Shares. The proposed rule change was published for 
comment in the Federal Register on January 24, 2018.\3\ On March 1, 
2018, pursuant to Section 19(b)(2) of the Act,\4\ the Commission 
designated a longer period within which to approve the proposed rule 
change, disapprove the proposed rule change, or institute proceedings 
to determine whether to disapprove the proposed rule change.\5\ On 
April 23, 2018, the Commission instituted proceedings under Section 
19(b)(2)(B) of the Act \6\ to determine whether to approve or 
disapprove the proposed rule change.\7\ The Commission has received two 
comments on the proposed rule change.\8\
---------------------------------------------------------------------------

    \1\ 15 U.S.C.78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 82532 (Jan. 18, 
2018), 83 FR 3380 (Jan. 24, 2018).
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 82795 (Mar. 1, 
2018), 83 FR 9768 (Mar. 7, 2018).
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 83094 (Apr. 23, 
2018), 83 FR 18603 (Apr. 27, 2018). Specifically, the Commission 
instituted proceedings to allow for additional analysis of the 
proposed rule change's consistency with Section 6(b)(5) of the Act, 
which requires, among other things, that the rules of a national 
securities exchange be ``designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade,'' and ``to protect investors and the public 
interest.'' See id. at 18604 (citing 15 U.S.C. 78f(b)(5)).
    \8\ See Letters from Steven Williams (May 17, 2018) and Sharon 
Brown-Hruska, Managing Director, and Trevor Wagener, Consultant, 
NERA Economic Consulting (May 18, 2018). All comments on the 
proposed rule change are available on the Commission's website at: 
https://www.sec.gov/comments/sr-nysearca-2018-02/nysearca201802.htm.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \9\ provides that, after initiating 
disapproval proceedings, the Commission shall issue an order approving 
or disapproving the proposed rule change not later than 180 days after 
the date of publication of notice of filing of the proposed rule 
change. The Commission may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, by not 
more than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination. The 
proposed rule change was published for notice and comment in the 
Federal Register on January 24, 2018. July 23, 2018, is 180

[[Page 35041]]

days from that date, and September 21, 2018, is 240 days from that 
date.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider this proposed 
rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) 
of the Act,\10\ designates September 21, 2018, as the date by which the 
Commission shall either approve or disapprove the proposed rule change 
(File No. SR-NYSEArca-2018-02).
---------------------------------------------------------------------------

    \10\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-15768 Filed 7-23-18; 8:45 am]
BILLING CODE 8011-01-P

35040 Federal Register / Vol. 83, No. 142 / Tuesday, July 24, 2018 / Notices

Reference Room, 100 F Street NE, change, or within such longer period up exchange-traded products under NYSE
Washington, DC 20549, on official to 90 days as the Commission may Arca Rule 8.200–E, Commentary .02:
business days between the hours of designate if it finds such longer period Direxion Daily Bitcoin Bear 1X Shares,
10:00 a.m. and 3:00 p.m. Copies of the to be appropriate and publishes its Direxion Daily Bitcoin 1.25X Bull
filing also will be available for reasons for so finding or as to which the Shares, Direxion Daily Bitcoin 1.5X Bull
inspection and copying at the principal self-regulatory organization consents, Shares, Direxion Daily Bitcoin 2X Bull
office of the Exchange. All comments the Commission shall either approve the Shares, and Direxion Daily Bitcoin 2X
received will be posted without change. proposed rule change, disapprove the Bear Shares. The proposed rule change
Persons submitting comments are proposed rule change, or institute was published for comment in the
cautioned that we do not redact or edit proceedings to determine whether the
Federal Register on January 24, 2018.3
personal identifying information from proposed rule change should be
On March 1, 2018, pursuant to Section
comment submissions. You should disapproved. The Commission is
submit only information that you wish extending this 45-day time period. The 19(b)(2) of the Act,4 the Commission
to make available publicly. All Commission finds that it is appropriate designated a longer period within which
submissions should refer to File to designate a longer period within to approve the proposed rule change,
Number SR–ISE–2018–63 and should be which to take action on the proposed disapprove the proposed rule change, or
submitted on or before August 14, 2018. rule change so that it has sufficient time institute proceedings to determine
to consider the proposed rule change. whether to disapprove the proposed
For the Commission, by the Division of
Trading and Markets, pursuant to delegated Accordingly, the Commission, rule change.5 On April 23, 2018, the
authority.11 pursuant to Section 19(b)(2) of the Act,6 Commission instituted proceedings
Eduardo A. Aleman, designates September 3, 2018, as the under Section 19(b)(2)(B) of the Act 6 to
Assistant Secretary. date by which the Commission shall determine whether to approve or
[FR Doc. 2018–15767 Filed 7–23–18; 8:45 am]
either approve or disapprove, or disapprove the proposed rule change.7
institute proceedings to determine The Commission has received two
BILLING CODE 8011–01–P
whether to disapprove, the proposed comments on the proposed rule
rule change (File No. SR–NYSEAMER– change.8
SECURITIES AND EXCHANGE 2018–22).
Section 19(b)(2) of the Act 9 provides
COMMISSION For the Commission, by the Division of that, after initiating disapproval
Trading and Markets, pursuant to delegated
[Release No. 34–83668; File No. SR– proceedings, the Commission shall issue
authority.7
NYSEAMER–2018–22] an order approving or disapproving the
Eduardo A. Aleman,
proposed rule change not later than 180
Self-Regulatory Organizations; NYSE Assistant Secretary.
days after the date of publication of
American LLC; Notice of Designation [FR Doc. 2018–15765 Filed 7–23–18; 8:45 am]
notice of filing of the proposed rule
of a Longer Period for Commission BILLING CODE 8011–01–P
change. The Commission may extend
Action on a Proposed Rule Change To the period for issuing an order
Amend Exchange Rule 7.35E Relating approving or disapproving the proposed
to the Auction Reference Price for a SECURITIES AND EXCHANGE
COMMISSION rule change, however, by not more than
Trading Halt Auction Following a
60 days if the Commission determines
Regulatory Halt [Release No. 34–83661; File No. SR– that a longer period is appropriate and
NYSEArca–2018–02]
July 18, 2018. publishes the reasons for such
On May 15, 2018, NYSE American Self-Regulatory Organizations; NYSE determination. The proposed rule
LLC (‘‘Exchange’’ or ‘‘NYSE American’’) Arca, Inc.; Notice of Designation of a change was published for notice and
filed with the Securities and Exchange Longer Period for Commission Action comment in the Federal Register on
Commission (‘‘Commission’’) pursuant on Proceedings To Determine Whether January 24, 2018. July 23, 2018, is 180
to Section 19(b)(1) of the Securities To Approve or Disapprove a Proposed
Exchange Act of 1934 (‘‘Act’’) 1 and Rule Rule Change Relating to Listing and 3 See Securities Exchange Act Release No. 82532

19b–4 thereunder,2 a proposed rule Trading of the Direxion Daily Bitcoin (Jan. 18, 2018), 83 FR 3380 (Jan. 24, 2018).
change to amend Exchange Rule 7.35E Bear 1X Shares, Direxion Daily Bitcoin
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 82795
relating to the Auction Reference Price 1.25X Bull Shares, Direxion Daily (Mar. 1, 2018), 83 FR 9768 (Mar. 7, 2018).
for a Trading Halt Auction following a Bitcoin 1.5X Bull Shares, Direxion 6 15 U.S.C. 78s(b)(2)(B).
regulatory halt. The proposed rule Daily Bitcoin 2X Bull Shares and 7 See Securities Exchange Act Release No. 83094
change was published for comment in Direxion Daily Bitcoin 2X Bear Shares (Apr. 23, 2018), 83 FR 18603 (Apr. 27, 2018).
the Federal Register on June 5, 2018.3 Under NYSE Arca Rule 8.200–E Specifically, the Commission instituted proceedings
The Commission has received one to allow for additional analysis of the proposed rule
comment letter in response to the July 18, 2018. change’s consistency with Section 6(b)(5) of the
Act, which requires, among other things, that the
proposed rule change.4 On January 4, 2018, NYSE Arca, Inc. rules of a national securities exchange be ‘‘designed
Section 19(b)(2) of the Act 5 provides (‘‘NYSE Arca’’) filed with the Securities to prevent fraudulent and manipulative acts and
that within 45 days of the publication of and Exchange Commission practices, to promote just and equitable principles
notice of the filing of a proposed rule of trade,’’ and ‘‘to protect investors and the public
(‘‘Commission’’), pursuant to Section interest.’’ See id. at 18604 (citing 15 U.S.C.
19(b)(1) of the Securities Exchange Act 78f(b)(5)).
jstallworth on DSKBBY8HB2PROD with NOTICES

11 17 CFR 200.30–3(a)(12). of 1934 (‘‘Act’’) 1 and Rule 19b–4 8 See Letters from Steven Williams (May 17, 2018)
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
thereunder,2 a proposed rule change to and Sharon Brown-Hruska, Managing Director, and
list and trade shares of the following Trevor Wagener, Consultant, NERA Economic
3 See Securities Exchange Act Release No. 83341
Consulting (May 18, 2018). All comments on the
(May 30, 2018), 83 FR 2612 (June 5, 2018). proposed rule change are available on the
4 See Letter from Duane Fiedler, to Secretary, 6 Id.
Commission’s website at: https://www.sec.gov/
7 17 CFR 200.30–3(a)(31).
Securities and Exchange Commission (June 23, comments/sr-nysearca-2018-02/
2018). 1 15 U.S.C.78s(b)(1). nysearca201802.htm.
5 15 U.S.C. 78s(b)(2). 2 17 CFR 240.19b–4. 9 15 U.S.C. 78s(b)(2).

VerDate Sep<11>2014 13:59 Jul 23, 2018 Jkt 244001 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 E:\FR\FM\24JYN1.SGM 24JYN1

Federal Register / Vol. 83, No. 142 / Tuesday, July 24, 2018 / Notices 35041

days from that date, and September 21, CONTACT PERSON FOR MORE INFORMATION: statements may be examined at the
2018, is 240 days from that date. For further information and to ascertain places specified in Item IV below. The
The Commission finds it appropriate what, if any, matters have been added, clearing agency has prepared
to designate a longer period within deleted or postponed; please contact summaries, set forth in sections A, B,
which to issue an order approving or Brent J. Fields from the Office of the and C below, of the most significant
disapproving the proposed rule change Secretary at (202) 551–5400. aspects of such statements.
so that it has sufficient time to consider Dated: July 19, 2018.
this proposed rule change. Accordingly, (A) Clearing Agency’s Statement of the
the Commission, pursuant to Section
Brent J. Fields, Purpose of, and Statutory Basis for, the
Secretary. Proposed Rule Change
19(b)(2) of the Act,10 designates
September 21, 2018, as the date by [FR Doc. 2018–15858 Filed 7–20–18; 8:45 am] 1. Purpose
which the Commission shall either BILLING CODE 8011–01–P
NSCC is proposing to revise its Rules
approve or disapprove the proposed in order to discontinue its Commission
rule change (File No. SR–NYSEArca– Billing service and the Commission
2018–02). SECURITIES AND EXCHANGE
COMMISSION Billing type of limited membership, for
For the Commission, by the Division of the reasons described below.
Trading and Markets, pursuant to delegated [Release No. 34–83666; File No. SR–NSCC–
authority.11 2018–004] Overview of the Commission Billing
Eduardo A. Aleman, Service
Assistant Secretary. Self-Regulatory Organizations; As currently described in Rule 16,
National Securities Clearing NSCC provides a service through which
[FR Doc. 2018–15768 Filed 7–23–18; 8:45 am]
Corporation; Notice of Filing of a it facilitates the payment of
BILLING CODE 8011–01–P
Proposed Rule Change To Terminate commissions on monthly basis between
the Commission Billing Service and its Members and Commission Billing
SECURITIES AND EXCHANGE the Commission Billing Limited Members.4 Brokers that use this service
COMMISSION Membership to charge and collect commissions are
July 18, 2018. Commission Billing Members, which is
Sunshine Act Meetings a type of limited membership that
Pursuant to Section 19(b)(1) of the
allows these firms to participate in
TIME AND DATE: 2:00 p.m. on Thursday, Securities Exchange Act of 1934
NSCC solely for the collection of
July 26, 2018. (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
commissions.
PLACE: Closed Commission Hearing notice is hereby given that on July 13, Currently, Commission Billing
Room 10800. 2018, National Securities Clearing Members are floor broker firms that are
Corporation (‘‘NSCC’’) filed with the members of the New York Stock
STATUS: This meeting will be closed to
Securities and Exchange Commission Exchange (‘‘NYSE’’) and NYSE
the public.
(‘‘Commission’’) the proposed rule American (formerly the American Stock
MATTERS TO BE CONSIDERED:
change as described in Items I, II and III Exchange), although historically the
Commissioners, Counsel to the below, which Items have been prepared
Commissioners, the Secretary to the service was available to floor broker
by the clearing agency. The Commission firms on any U.S. exchange. As
Commission, and recording secretaries is publishing this notice to solicit
will attend the closed meeting. Certain provided for in Rule 2 of the Rules,
comments on the proposed rule change Commission Billing Members
staff members who have an interest in from interested persons.
the matters also may be present. participate solely in the collection and
The General Counsel of the I. Clearing Agency’s Statement of the payment of commissions as provided for
Commission, or his designee, has Terms of Substance of the Proposed under Rule 16 of the Rules.5
certified that, in his opinion, one or Rule Change Floor broker firms execute trades on
more of the exemptions set forth in 5 behalf of their clients for a commission.
The proposed rule change consists of In order to process commission charges
U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) amendments to Rules and Procedures of
and (10) and 17 CFR 200.402(a)(3), applied to clients who are Members,
NSCC (‘‘Rules’’) in order to in order to floor broker firms that are Commission
(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and terminate the Commission Billing
(a)(10), permit consideration of the Billing Members may submit these
service and the Commission Billing type charges to NSCC. Commission charges
scheduled matters at the closed meeting. of limited membership, as described in
Commissioner Jackson, as duty are submitted to NSCC in one of two
greater detail below.3 ways. In most cases, where the
officer, voted to consider the items
listed for the closed meeting in closed II. Clearing Agency’s Statement of the Commission Billing Member is a
session. Purpose of, and Statutory Basis for, the member of NYSE, NYSE may act as a
The subject matters of the closed Proposed Rule Change payment-data aggregator and creates and
meeting will be: submits payment files to NSCC.
In its filing with the Commission, the Alternatively, Commission Billing
Institution and settlement of
clearing agency included statements Members may submit payments directly
injunctive actions;
concerning the purpose of and basis for to NSCC through a web-based system.
Institution and settlement of
the proposed rule change and discussed NSCC tabulates all payment records
administrative proceedings; and
any comments it received on the
jstallworth on DSKBBY8HB2PROD with NOTICES

Other matters relating to enforcement received on a monthly basis, and either
proceedings. proposed rule change. The text of these sends amounts to The Depository Trust
At times, changes in Commission Company (‘‘DTC’’) for payment (for
1 15
U.S.C. 78s(b)(1).
priorities require alterations in the 2 17
billed Members that are also
CFR 240.19b–4.
scheduling of meeting items. 3 Available at http://www.dtcc.com/legal/rules-
Participants of DTC) or processes
and-procedures. Capitalized terms used herein and
10 Id. 4 Id.
not otherwise defined shall have the meaning
11 17 CFR 200.30–3(a)(57). assigned to such terms in the Rules. 5 Id.

VerDate Sep<11>2014 13:59 Jul 23, 2018 Jkt 244001 PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 E:\FR\FM\24JYN1.SGM 24JYN1

Document Created: 2018-07-24 00:10:58
Document Modified: 2018-07-24 00:10:58

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		83 FR 35040